Menu

Search

  |   Business

Menu

  |   Business

Search

Apps for savvy savers

Who knew saving could be as simple as just a few taps?

There are apps for all sorts nowadays, and while financial apps don’t have filters on them just yet (selfie banking could be the future!), there are apps available right now that drag some old school ways of using your money into this century.

In this short post, we’re going to look at some of the best apps currently out there which can help anyone save a little money, act wisely with their money and even let them switch currencies in a pinch.

The apps I’ll be looking at are:

  1. Monzo
  2. Plum
  3. WeSwap
  4. Scottish Friendly

Monzo

It’s safe to say everyone and their mum know about Monzo, but on the off chance you’re one of the few who don’t (and where have you been?), Monzo is an online-only banking service/ app that tries to fully replace the traditional high street bank.

They make the bold claim that over 50,000 people open an account each week, but when you get used to having your account right there in the palm of your hand, in a way that highlights your habits that a paper statement never can, you can see why it’s become so popular.

The savvy move I love, which puts this above other apps, is the ability to split bills with your friends. It’s common in the States for a waiter to stand there and split the bill individually, but here in the UK it’s something I (and I’m guessing you) find off-putting and a little embarrassing.

You can cover bases by having one Monzo account holder pay the whole thing, and then share that bill with their mates to square it all up. It’s rather genius and will help settle the argument of who owes the next round.

Monzo is available from the App Store.

Plum

I like this app solely for the fact that it isn’t an app. But how can that be? Well, Plum is an app/chatbot that exists exclusively within Facebook Messenger.

I also like the added level of security the app adheres to. Not only do you have and verify that you want to link your account to the app in order for withdrawals to be made, but every 90 days Plum will ask you to reconnect back with your bank account, so in the off chance you missed the message and need to keep your current account as-is, you won’t be met with any nasty surprises.

Plum is available directly on the Discover tab of your Messenger app.

WeSwap

I hate the fuss of going to get holiday money, especially when the exchange rate isn’t high. Without having to sacrifice a service charge every time you use a card or get cash from the ATM on holiday (bonus tip: always withdraw in the local currency) do yourself the favour of avoiding faffy currency problems by getting yourself a WeSwap card.

It’s a free debit card that is actually 15 different cards. You link it with your preferred bank account and load that money on to a WeSwap card. You then have the option of exchanging that money from pounds into travel money. I used the card everywhere from Dublin to Toronto to Poland (they don’t use the Euro!)

Scottish Friendly

I haven’t a scooby about stocks, but that doesn’t mean I can’t invest in them. Scottish Friendly come highly rated as an ISA investment brand, and their app is an ingeniously simple way to pop a small amount in and start saving.

You can easily get used to working with ISAs on a clean interface, and I like the ability to open up investment pots. Let’s say you wanted to start investing and save towards a holiday six months from now, or even get your Christmas budget sorted at the start of the year. It’s all possible.

Another great feature is the ability to invite family members to contribute toward a child's Junior ISA.

And remember to check what others say!

While most apps are secure, don’t just dive in without doing your research. In the case of something like Scottish Friendly, you can quickly look up their app store reviews to see if investing is going to be simple or a bit of a headache.

A few minutes of investigation and you can find the right way to save exclusively through your phone.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.

By Sheena Jordan
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.